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Google co-founder Sergey Brin denounced California’s proposed billionaires tax, comparing it to the socialism he fled with his family from the former Soviet Union.
Brin is one of several billionaires who moved from the Golden State to avoid the potential wealth tax expected to appear on California voters’ ballots this fall. The proposal would impose a one-time 5% tax on residents with a net worth of more than $1 billion.
Assets subject to the tax could include businesses, securities, art, collectibles and intellectual property, although real estate, pensions and certain retirement accounts would be exempt.
“I fled socialism with my family in 1979 and know the devastating, oppressive society it created in the Soviet Union. I don’t want California to end up in the same place,” Brin said in a statement. The New York Times about an outlet story discussing his move.
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Google co-founder Sergey Brin said he is concerned about California’s shift toward socialism. (Jamie McCarthy/WireImage via Getty Images)
The proposed wealth tax would apply retroactively to Californians who were residents of the state in early 2026, prompting Brin to leave the state late last year.
The Times, citing a person familiar with the arrangement, reported that Brin had moved to the Nevada side of Lake Tahoe and is spending every other week at Google’s headquarters in California.
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| Ticker | Security | Last | Change | Change % |
|---|---|---|---|---|
| GOOGL | ALPHABET INC. | 350.34 | +5.94 |
+1.72% |
The outlet previously reported that an entity tied to Brin terminated or moved 15 California limited liability companies (LLCs) out of the state in December, while several were converted into Nevada entities.
Supporters argue this would provide significant funding for public services, while critics have warned it could drive job creators out of the state. If passed, the bill would be payable in 2027, with taxpayers having the option to spread the payments over five years.
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Brin moved assets and left California before the cut-off date for the proposed wealth tax. (Lionel Hahn/Getty Images)
Brin’s opposition to the wealth tax on billionaires led him to join with other like-minded Californians and build support for an effort to defeat the measure.
The Times reported that Brin has formed a pair of nonprofits as part of his political involvement around the wealth tax proposal, pouring $57 million into Building a Better California in the past four months.
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